Recurrent Energy secures green, multi-currency financing of up to €1.3b to accelerate European renewables portfolio: Advisors
Recurrent Energy, a subsidiary of Canadian Solar and a global developer and owner of solar and energy storage assets, has announced that it has secured a landmark multi-currency revolving credit facility valued at up to €1.3 billion with ten banks for the construction of renewable energy projects in several European countries. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain.
This multi-currency syndicated financing denominated in euro and sterling will be used for the construction and development of renewable energy projects in Spain, Italy, the UK, the Netherlands, France and Germany and includes battery energy storage projects. Initially, this ESG-linked financing will support in the short term the construction of solar projects with a capacity of around 1 GW, mostly located in Spain, with some additional projects in the UK.
This green facility will be available for three years with optional extensions. It is initially sized at €674 million but includes potential upsizing to approximately €1.3 billion. The agreement includes financing for both full merchant and contracted projects and allows credit to be received in both euros and British pounds.
Banco Santander CIB served as the Global Coordinator and Sole Bookrunner for this agreement, collaborating with several leading financial institutions. ING acted as the Sole Issuing Bank and Sole Sustainability Coordinator, overseeing compliance with Environmental, Social, and Governance (ESG) criteria for green financing. In addition to these two entities, the facility includes ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest, and NORD/LB.
Advisors
Recurrent Energy also acted through its in-house legal team, led by its Senior Director and General Counsel EMEA, Antonio Adami, with the support of Legal Counsel Juan Jose Adan Martin and Senior Legal Counsel Miguel Martin Ortega.
Clifford Chance team provided legal counsel to Recurrent Energy with a team led by Global Financial Markets partner José Guardo, together with associates Álvaro Cabaleiro, María González and Marta Ruiz (Spanish law), as well as senior associate James Rodier and associate Emma Price (English law). They were supported by Counsel Chiara Commis, senior associate Roberto Ingrassia and associates Giovanni Fierro and Luca Gualtieri (Italian law), as well as partner Hein Tonnaer and associates Bart Stuyfzand and Shaun Campbell (Dutch law). The team also included Senior Counsel Roberto Grau advising on tax matters and Senior Associate Ángel Muñoz advising on derivatives.
The cross-border Watson Farley and Williams team that advised the Lenders was led by Madrid Banking and Finance Head Partner Rodrigo Berasategui, working closely with Senior Associate Laura Fontán and Associates Antón Ramil and Sara Estradera. They were supported in London by Projects Partners Katherine Best, working alongside with Associates George Garthwaite, Tom Harvey and Elizabeth Lee, as well as Partner Rob McBride and Associate Kristina Buckberry on the derivative side. Italian law expertise was provided by Finance Partner Mario D’Ovidio, working closely with Associate Francesca Angelilli, and by Tax Senior Associate Alfredo Guacci Esposito. New York Partner Susanne Burstein and Associate Chloe Sucato advised on NY law aspects of the transaction.
